Level 3 expected to buy TelCove for $1 billion, WSJ reports

AbbyDeveney

LONDON (MarketWatch) -- Network provider Level 3 Communications Inc.
LVLT, -0.02%
said it expects to announce Monday the purchase of closely held TelCove Inc. for about $1 billion, the Wall Street reported in its online edition. The move would be the latest in Level 3's plan to roll up telecom infrastructure as the battered industry returns to health. In purchasing TelCove, of Canonsburg, Pa., Level 3 would gain access to new infrastructure on the East Coast. Level 3 will pay just over $1 billion for TelCove, $637 million of it in stock and an additional $445 million in cash, the Journal reported. It also will assume $156 million in debt.

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